China’s more than $42-trillion financial sector is set for a new dawn as the country’s top securities regulator reaffirmed its determination to the vision of further reform and opening-up of the lucrative sector.
As part of a package of measures to breathe new life into one of the fastest-expanding financial systems in the world, the much-anticipated science and technology innovation board is all set to go, Li Chao, vice-chairman at China Securities Regulatory Commission, told the Caixin Summit in Hong Kong on June 10.
“Everything is ready for an official launch,” said Li, who believes the new board stands as a testing ground for the undertaking to develop and reform the country’s capital market in a creative and significant manner.
As many as three foreign brokerage firms have been given the first green light to take controlling stakes in some security joint ventures. Li said the regulator will press ahead with the relaxation of restrictions on foreigners opening up bank accounts in the Chinese mainland.
“As China’s economic growth switches its focus to long-term capital input and an innovation-driven model, (the) capital market has what it takes to offer more inclusive services for shoring up the real economy,” Li noted.